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Business, Economics, MBA, revision

A quick explanation of GDP, GNP, and National Income

Distinguish between National Income, Gross National Product, and Gross Domestic Product and explain which is best as describing an economies health. 

Gross National Income is the sum of all goods and services sold by firms registered within an economy over a period of time. This value includes all output made by firms, based domestically but working abroad. 

In contrast Gross Domestic Income is the sum of all goods and services sold within the domestic boundaries of an economy over a period of time. This figure includes all outputs made by foreign firms within the domestic economy.

National Income measures the amount of money spent on goods and services within an economy.

National Output = National Expenditure (Aggregate Demand) = National Income

It must be noted that if there is a rise in GDP then Aggregate Demand or National Income has risen above inflation and so this is seen as an indicator for economic health.

 

 

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About loganjehall

I focus on building an internal culture focussed on listening to and working alongside customers to build value for all stakeholders. Real lasting change that understands the real needs of the customer is the only way to ensure a dynamic constant state of learning and innovation. I am a highly experienced sales, marketing and business professional with wide ranging experience in varied industries. Having worked in both B2B and B2C I understand sales and business is really about P2P (people to people) and therefore always focus on relationships and engagement. "Business is socialising with a purpose" (Gaping Void) Passion, people, vision, strategy, customers, advocates, believers, innovation, customer engagement, social, knowledge management and appropriate use of technology are vital in the attainment of business goals. I am a co-founder of Movebubble, a new technology startup in #Proptech. This blog is really here to allow me to develop my voice and ideas, and gain feedback from a wider audience than just the lecture or breakout room. Hopefully i can introduce some interesting points, and experiment with digital, marketing, engagement, social media and SEO techniques and tips i am learning on the way. I hope you enjoy my posts, please let me know what you think with some feedback.

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